Bitcoin price returns above $11700, what’s next?

The Bitcoin price line returned above the $11700 mark on the 23rd of August. Marc P Markets is a crypto analyst on Trading View who is of the opinion that the BTC price will rise towards the $12300 next.

1-Day Bitcoin price analysis

Bitcoin price chart by Trading View

At noon, the BTC price line fell to a day’s low of $11522.72 US Dollars. The price line turned bullish in the afternoon when the cryptocurrency moved towards the $11700 mark. At the time of writing, the cryptocurrency king was observed trading at $11790.44 US Dollars. Currently, the price looks bullish and it may test the $12300 resistance soon.

The Relative Strength Index (RSI) moved to a day’s high of 88.53 near 13:30 GMT. This means that BTC was highly oversold at the time.

What to expect from the Bitcoin price?

The Trading View analyst Marc P Markets believes that the BTC price may rise towards the $12300 resistance.

Bitcoin price chart by Trading View

The analyst believes that the BTC price may find support in the $11000 range while the selling appears to be limited because of where the bullish candle closed on the 22nd of August.

The support at the $11608 mark was held by BTC price on the 23rd and 24th of August, the analyst believes that BTC price should now move towards the $12296 resistance. The analyst explained that the broader trend for the BTC market appears to be bullish. The idea is yet to come into play.

Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.